Instructions: Please Define the Following Key Terms

question 32

Essay

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
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Definitions:

Taxable Value

The assessed value of an asset or property that is used to determine the amount of tax owed.

Charitable Bequests

Gifts left in a will or estate plan to a charity or nonprofit organization.

Funeral Expenses

Funeral expenses are the costs incurred in arranging and conducting a funeral, including but not limited to services, casket, and burial or cremation.

Specific Legacy

A bequest of a particular piece of property or a specific asset left to a named beneficiary in a will.